Pakistan’s top business body has projected that bilateral trade with Iran could reach $10 billion annually within the next three to five years. The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said stronger industrial partnerships and improved banking channels are essential to achieving the target. Current bilateral trade stands at approximately $2.8 billion.
FPCCI President Atif Ikram Sheikh said the existing trade volume falls well below its true potential. He welcomed the visit of a high-level business delegation from Iran’s Arak Province and urged the private sectors of both countries to expand cooperation beyond traditional trade into industrial partnerships.
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According to FPCCI, Pakistan-Iran trade during the 2023-24 fiscal year reached around $2.8 billion, including $684 million in Pakistani exports and $2.1 billion in imports from Iran. Sheikh said both countries possess complementary economic strengths that can support significant trade expansion over the coming years.
The Iranian delegation was led by Naser Beigi, President of the Arak Chamber of Commerce, Industries, Mines and Agriculture. He highlighted Arak Province’s expertise in heavy machinery, engineering equipment, automotive parts, agricultural technology, and mining solutions that could support Pakistan’s growing industrial sector.
Meanwhile, Iran’s Commercial Attaché in Pakistan, Murad Nemati, said both sides are exploring joint ventures across agriculture, food processing, petrochemicals, mining, engineering, household appliances, and renewable energy. He added that ongoing business dialogue aims to strengthen long-term industrial cooperation.
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FPCCI Senior Vice President Saquib Fayyaz Magoon called for simplified trade procedures, formal banking channels, efficient payment mechanisms, and stronger transport links. He said these measures are necessary to convert strong political and cultural ties into meaningful economic cooperation.
FPCCI pledged full support to Pakistani and Iranian businesses seeking formal commercial partnerships. Business leaders believe closer private-sector collaboration and policy reforms could significantly increase bilateral trade and investment in the coming years.